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ArcticCrusher

Canadian Contributing Member
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Posts posted by ArcticCrusher

  1. 1 hour ago, Steve753 said:

    Lloyds cherry picking again.

     

    Biden capital gains tax increase

    The capital gains tax rate for long-term capital gains, assets held for more than one year, is at most 20%. Capital gains are the profits you make from selling or trading an asset. The tax rates that apply to a particular capital gain (i.e., capital gains tax rates) depend on the type of asset involved, your taxable income, and how long you held the property before it was sold

    Biden’s FY25 budget proposal would nearly double that capital gains tax rate to 39.6%. That proposed capital gains rate increase would apply to investors who make at least one million dollars a year.

     

    'Carried interest loophole'

    The Biden budget proposal also revives the debate over the so-called carried interest loophole. Currently, asset managers can treat certain compensation they receive as capital gains, which means that a significant portion of their income is taxed at a much lower rate than if it were treated as wages. 

    Under Biden’s budget proposal, that compensation would be treated as ordinary income for federal income tax purposes to end the carried interest loophole. 

    Gambling doesn't count as capital gains?

    Remember when 87k irs were hired and were not to go after the middle class.

    Pepperidge Farms remembers.:lol:

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